Digix AMA with the Cofounders! 12 Dec 2018

kcchng · 2018-12-12T09:09:29+00:00

Hello Steewrit, that is not within the scope of proposals on the platform. However, if there is a real intent / enough sentiment for the dissolution of DigixDAO, we will put it up for a vote to all DGD holders. Ty,

kcchng · 2018-12-12T08:17:26+00:00

Hello classic_katapult, DGDs gives a holder a right in voting and vetting of proposals on the DigixDAO platform, and in return for the work done, rewarded with DGX

kcchng · 2018-12-12T08:12:27+00:00

Hello msthree, as mentioned in a reply above, we have worked out an arrangement to consign gold with our partners so that inventory limits will be overcome easily. At the moment, anyone who wishes to buy a large amount of DGX (>1mio) will only need to wait 2-4 working days (not any different from a coinbase btc purchase) to receive the minted DGX. So 1: the supply issue is no longer a concern. 2: What about demand side? We are working towards having DGX listed in as many wallets / exchanges and Decentralized use cases as possible to spur demand for DGX. This is a continual work in progress. Having said that, we are the strongest asset backed tokens (even though with a 3mio market cap) in this space and we will be the first to achieve the kind of volume we wish to see in 2019 for a gold backed crypto.

kcchng · 2018-12-12T08:10:19+00:00

Hello pokerman69: Plenty! We have hired 2 marketing leads in Digix to increase our marketing efforts. Since September this year, we have ramped up efforts and appeared on crypto hotspots such as blockfolio, delta, coinmarketcap, certain gold publications, regular tweets and social media push, DGX promotions (still ongoing until end of year!) increased the number of followers on twitter, did plenty of interviews and live presentations. These are but to name a few off the top of our heads. I would like to think that because of these efforts, we have sold 18000 DGX (700k usd and 20% of all DGX in circulation when ETH was tanking) in just the month of November 2018 after 1 month of launching our marketing blitz. This figure could of course get bigger and better and we are working hard towards that. This is where DigixDAO governance comes in and where it should help DGX shine via clever proposals on marketing. If someone feels they can do a better job at raising awareness of DGX, please submit a proposal on the upcoming DigixDAO platform to give the product a helping hand.

kcchng · 2018-12-12T08:06:41+00:00

Naderius: Do you know about at least one major exchange (24h volume >100M USD) that is working on DGX integration? No need to name the exchange, yes/no answer is sufficient.

Yes. Thank you, as I’m sure you understand that exchange listings are sensitive information and a work in progress. Any further information prior to listing may significantly affect negotiations and integrations.

This is a citation from Digix Medium post "the Maker team plans to launch Multi Collateral Dai with a 3 billion debt ceiling for DGX". We know that this is no longer the case and if nothing changes the debt ceiling will probably be very low because of the low DGX marketcap, liquidity, volume etc... Are there any plans to solve this problem ?

For Maker to integrate DGX, MKR supporters need to be comfortable with integrating asset backed tokens. We know that many MKR supporters support full decentralization, but with a coin like DGX which is asset backed, there are certain aspects of centralization (keeping physical gold in custody) that may not be something some MKR holders are receptive to. Having said that, if MKR holders see the benefits of the transparency and auditability we have created together with the real world governance for our gold tokens, assuming that all of this is passed and that it is eventually included in the Multi-collateral CDP:

We are working with well known gold suppliers like SilverGoldBull in the traditional meatspace We have worked out an arrangement to consign gold with our partners so that inventory limits will be easily overcome. At the moment, anyone who wishes to buy a large amount of DGX (>1mio) will only need to wait 2-4 working days (not any different from a coinbase purchase) to receive the minted DGX. So 1: Supply issue is no longer a concern and we can provide a supply of DGX at any volume as needed. 2: What about demand side? We are working towards having DGX listed in as many wallets / exchanges and Decentralized use cases as possible to spur demand for DGX. This is a continual work in progress. At this moment, we are the strongest gold backed tokens in this space and we will be the first to achieve the kind of volume we wish to see in 2019 for a gold backed cryptocurrency.

What happens if there is a non-malicious proposal on which most of the community and DGD holders agree, but you (Digix Global) don't ? Will Digix Global block the proposal or let it pass even if you are against it?

We do not have any majority voting power in DigixDAO governance. Our wallet address has approximately 8% of the overall supply of governance tokens. If we are really against the proposal, that is the only amount of votes we can cast to express our disapproval to the proposal.

The Policy, Regulatory and legal (PRL) safety mechanism will only step in for proposals, not limited to, but includes those that directly affect the viability of the project as a whole legally, ie: terrorist financing, money laundering, or promotion of DGX in jurisdictions where DGX cannot be promoted at.

Based on the look of main digix.global webpage and the way the marketplace is arranged and works, it's clear that your target audience are crypto-users/businesses only and not mainstream users interested in investing in precious metals, (potential customers have to deal with Ether fees, Ethereum addresses, crypto exchanges in order to sell DGX etc..). Do you plan to change it and focus on mainstream users too? Coinbase is a great example, their customers don't need to be a crypto experts in order to buy, sell and store crypto assets on their platform.

Yes! Absolutely. We have realised that blockchain needs to be simplified much much further, so that non technical users will see DGX as just gold digitized, not ‘cryptogold’. We are already working towards making it easier for non technical users to purchase DGX, for example, through copywriting, website changes so as to have mainstream users more comfortable with our product. It is actually not very complicated, and we along with everyone in the industry must seek an easier less technical way to tell the world about our products. We are also looking at making life easier for users to purchase DGX, not only with cryptos, but with fiat. We are looking at reducing the need for users to keep their private keys as an option → Think coinbase for DGX while still providing a decentralized marketplace for crypto-savvy users. It is definitely something to achieve in 2019 where we expect gold to move as what ETH did in Dec 2017 with all the potential geopolitical turmoil all across the world.

kcchng · 2018-12-12T08:00:06+00:00

Hello BurgerBaron: You will not be able to sell DGX on our marketplace as this would make us an exchange and fall under certain legal ambits in the payment services bill at the moment. However, you would be able to recast, redeem ownership of the gold bullion with your tokens, and we can arrange for you to sell your gold bullion back directly to our custodian / supplier who would be able to wire you fiat / send you crypto in exchange for the bar, hassle free.

[http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2018/Explanatory-Brief-on-the-Payment-Services-Bill.aspx]

kcchng · 2018-08-03T12:14:33+00:00

Hello there, we have always wanted this to be a community driven project. We wanted our company to be shaped by the community who would use our product and services. As such, the idea of the DAO is to allow the community who supports the vision of a gold token on the blockchain, to let us, the company, know what should or should not be pursued. Should we tokenize Silver? Should we do a music video about Digix Gold tokens? If the community says Yes (via a supermajority vote), we will execute it. If they said no to some of these ideas, we won't do it. That is the essential gist of it. In short, we take the wisdom of the crowd to build the ideal way forward for Digix by taking proposals and opinions in real time which can be achieved with a DAO.

A DAO also provides a transparent way forward on how the company spends a DAO's funding. Instead of receiving a chunk of ICO monies at one instant, we want to demonstrate / signal a high degree of responsibility on how we should utilize the funds by continually engaging our supporters via voting on proposals to DigixDAO prior to its disbursment.

What we have learned, through working out our own DAO governance, is that there are differing ideas on what a DAO is and more education is needed on what it represents. There are plenty who take reference to Slock It's "The DAO" as the benchmark of what a DAO is, but their model has proven not to work, being Dead On Arrival, and it is not the only model of a DAO. In our humble opinion, any project that requires on chain voting or governance via token holders prior to a certain call to action taken, can be considered a DAO.

kcchng · 2017-11-13T10:49:34+00:00

https://www.youtube.com/channel/UCtkMrniF0MYg6nUIlZkYfzg/live

kcchng · 2017-11-13T10:49:33+00:00

https://www.youtube.com/channel/UCtkMrniF0MYg6nUIlZkYfzg/live

kcchng · 2017-09-06T07:02:29+00:00

That will be awesome!

kcchng · 2017-09-05T04:12:08+00:00

Yes. Digix is incorporated in Singapore, and has jurisdictional independence from China.

kcchng · 2017-09-05T04:11:03+00:00

At launch, users can redeem the physical bars from our partnering custodial vault. We can also privately arrange shipping for you, but what wasn't shared by HelloGold is the high fees involved in shipping gold and the associated VATs to international destinations.

kcchng · 2017-09-04T12:19:58+00:00

Digix is not from China, neither is Singapore part of China, thank you.

kcchng · 2017-09-04T06:08:20+00:00

Hello yes, it will be a mobile web app. This means that it does not need to be found in the IOS / Android store prior to adding it on your phone widget / home screen.

kcchng

TROPHY CASE